The central bank had hiked the marginal standing facility rate to 10.25 percent in mid-July to support the bruised rupee.

The minimum daily maintenance of CRR has also been reduced from 99 percent of the requirement to 95 percent effective from the fortnight beginning Sep 21, the RBI said.

"The policy stance and measures set out in this review begins the process of cautious unwinding of the exceptional measures, which will restore normalcy to financial flows," the bank said in a statement.

"They are also intended to address inflationary pressures so as to provide a stable nominal anchor for the economy, thereby mitigating exchange market pressures and creating a conducive environment for the revitalisation of sustainable growth," it said.